Canada Emergency Business Account (CEBA)
The CEBA program will now provide access to an additional $20K (CEBA expansion) to eligible borrowers who already received a $40,000 loan and $60,000 for new applicants to CEBA.
CEBA expansion - Now Available
Applicants who have received the $40,000 CEBA loan may apply for the $20,000 expansion, which provides eligible businesses with an additional $20,000 in financing.
All applicants have until March 31, 2021, to apply for the $60,000 CEBA loan or the $20,000 expansion.
Eligibility
As of October 26, 2020, eligible Canadian businesses that currently operate through a personal bank account will be able to apply for CEBA. To confirm eligibility for the CEBA program, visit CEBA Pre-Screen Tool. Please note, pre-screening is not needed for those applying for the $20,000 expansion.Program Highlights
- 0% per annum interest until December 31, 2022
- 5% per annum interest starting on January 1, 2023
- No principal repayment required before December 31, 2022
- If loan remains outstanding after December 31, 2022, only interest payments required until full principal is due on December 31, 2025
- If the outstanding principal, other than the amount of potential debt forgiveness, is repaid by December 31, 2022, the remaining principal amount will be forgiven, provided that no default under the Loan has occurred
If you don't have a business account, contact your local Northern Savings branch to set up an appointment to do so (a business account must be open before submitting your application).
How to Apply
Business owners can access the CEBA application through our MemberDirect Online Banking and MemberDirect Small Business websites. To access the application follow these steps:- Log in to your online banking account
- On the left hand side select "Account Services"
- Click on "Canada Emergency Business Account (CEBA)"
- Access the CEBA Pre-Screen Tool. You must complete this step prior to submitting your application for the $60,000 CEBA (you do not need to complete this step for the $20,000 expansion)
- Complete the required steps and upload documents as required
- Once submitted, a Northern Savings representative will process the application
- If your application is approved, you will be contacted to sign the required documents
FAQs
If you borrowed $40,000 or less:
Repaying the outstanding balance of the loan (other than the amount available to be forgiven) on or before December 31, 2022 will result in loan forgiveness of 25 percent (up to $10,000).
If you borrowed more than $40,000 and up to $60,000:
If you received a $40,000 loan and subsequently received the $20,000 expansion, the terms of your forgiveness have changed and are described here. Repaying the outstanding balance of the loan (other than the amount available to be forgiven) on or before December 31, 2022 will result in a single tranche of loan forgiveness up to $20,000 based on a blended rate:
- 25 percent on the first $40,000; plus
- 50 percent on amounts above $40,000 and up to $60,000.
In instances where additional information is needed from you or your financial institution relating to your original loan application, or if post-funding validations identified a discrepancy between your original loan application and CRA records, your expansion application may be declined.
Depending on the reason for decline, you may or may not be able to remedy your application.
If you have questions after checking your status online, please contact the CEBA Call Centre at 1-888-324-4201. An agent will return your call between Monday and Friday from 10:00am to 9:00pm EST.
Contact our Business Account Managers
Terrace
Paige Franco250.638.3246
paigefranco@northsave.com
Dave Pernarowski
250.638.3242
davepernarowski@northsave.com